K bank expands blockchain remittance network to Hong Kong after UAE, Thailand deals

K bank is building a global partnership network to extend its blockchain-based overseas remittance service to Hong Kong and Southeast Asia.

The internet bank said Tuesday it signed a memorandum of understanding on cooperation in overseas remittance and payments with domestic blockchain firm BPMG and Hong Kong digital asset financial group HashKey Group.

Under the partnership, the three companies plan to collaborate on blockchain-based overseas remittance and other digital asset business initiatives.

The three parties will explore using the blockchain-based remittance model that K bank and BPMG are jointly developing to conduct a proof-of-concept for remittances between South Korea and Hong Kong.

The MOU covers three areas of joint work: building a digital asset-based overseas remittance and payments infrastructure, cooperating on technology and services related to digital asset custody, conversion and settlement, and developing new business models using digital assets.

The companies also plan to examine the possibility of expanding into a broader pan-Asian remittance network by linking with the remittance network HashKey Group is building for foreign nationals in Hong Kong and Southeast Asia.

Ahead of any full commercial rollout pending regulatory approval, the three parties plan to proactively establish compliance standards — including know-your-customer and anti-money-laundering controls — and build out internal governance frameworks. The goal is to lay a foundation for delivering services in a stable and responsible manner, drawing on the transparency and cost efficiency of blockchain technology.

HashKey Group, headquartered in Hong Kong, is Asia's largest digital asset financial group, with operations in Singapore, Japan and other global hubs. The group is active across the digital asset industry, including regulated digital asset trading, custody, asset management and blockchain infrastructure.

Meanwhile, K bank has been accelerating its push into overseas markets through a series of global partnerships. This year, the bank signed MOUs with UAE-based Changer, Thailand's Kasikorn Bank and blockchain firm Ripple, and now HashKey Group. The bank plans to refine its service deployment model through proof-of-concept testing with each partner and gradually expand its footprint in global markets.

Building on those agreements, K bank aims to optimize remittance services across key hubs — the UAE as a Middle East financial center, Thailand as a popular destination for Korean travelers, and Hong Kong as an Asian financial hub. The bank's strategy centers on minimizing intermediary banks to shorten transfer times and maximize fee savings.

"Following our MOUs with the UAE and Thailand, we have now extended our network to Hong Kong," a K bank official said. "We will continue to expand cooperation with financial and blockchain companies in a wide range of countries."